{"id":19282,"date":"2022-08-09T07:06:07","date_gmt":"2022-08-09T07:06:07","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/amtd-digital-how-a-small-hong-kong-firms-shares-soared"},"modified":"2022-08-09T07:36:43","modified_gmt":"2022-08-09T07:36:43","slug":"amtd-digital-how-a-small-hong-kong-firms-shares-soared","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/amtd-digital-how-a-small-hong-kong-firms-shares-soared","title":{"rendered":"AMTD Digital: How a small Hong Kong firm\u2019s shares soared"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>A little-known Hong Kong company has seen its stock market value soar in recent days, for no apparent reason. AMTD Digital made its New York debut last month, priced at $7.80 a share.
\nThis week, the firm\u2019s shares have been on a rollercoaster ride, closing on Wednesday at $1,100. The meteoric rise in AMTD Digital\u2019s value has seen it likened by some commentators to \u201cmeme stocks\u201d, shares that gain popularity among retail investors through social media.<\/p>\n

Trading in the company\u2019s shares has been particularly volatile this week, as its value rose above $300bn on Tuesday. That meant that AMTD Digital briefly overtook technology giant Alibaba\u2019s New York stock market valuation.<\/p>\n

In Wednesday\u2019s trade it plunged by more than 30%, but that still gave it a higher US market value than Disney. On Monday, AMTD Digital thanked investors and said it \u201cnoted significant volatility\u201d in trading.<\/p>\n

\u201cThe company is also monitoring the market closely for any unusual trading activities or abnormalities,\u201d the statement said.<\/p>\n

AMTD Digital offers services to develop online businesses\u2019 financial services technology. It had 50 members of staff as of the end of February this year, according to a stock market filing.<\/p>\n

It makes money mainly by charging fees and commissions for its digital financial services business, which brought in just over $25m in revenue last year, according to a regulatory filing. A space-themed corporate video on the company\u2019s website highlights the range of digital services that the company offers.<\/p>\n

The company\u2019s website describes it \u201cas the fusion reactor at the core of the AMTD SpiderNet ecosystem, AMTD Digital is a one-stop digital solutions platforms in Asia with businesses spanning multiple verticals, including digital financial services, digital media, content & marketing, SpiderNet ecosystem solutions, and digital investments.<\/p>\n

\u201d Some commentators have likened the rise in AMTD Digital\u2019s value to so-called \u201cmeme stocks\u201d. Due to the nature of their popularity, trading in meme stocks is often extremely speculative and volatile.<\/p>\n

US retailer GamesStop and cinema chain AMC were two of the most high profile meme stocks that saw their shares soar last year. \u201cThis is a major head-scratcher and it shows that the era of meme stocks is not over with a $300bn market cap,\u201d Dan Ives, managing director of Wedbush Securities told the BBC.<\/p>\n

\u201cIn a major risk off market in 2022 it\u2019s bewildering this meme dynamic can still happen but yet it has and Wall Street is watching this latest craze,\u201d he added.<\/p>\n

For More News And Analysis About Mauritius<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mauritius. A little-known Hong Kong company has seen its stock market value soar in recent days, for no apparent reason. AMTD Digital made its New York debut last month, priced at $7.80 a share. This week, the firm\u2019s shares have been on a rollercoaster ride, closing on Wednesday at $1,100. The meteoric rise […]<\/p>\n","protected":false},"author":84,"featured_media":19281,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,8,9,16],"tags":[233,245,2210,241],"class_list":["post-19282","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-homepage-english","category-miscellaneous","category-twitter","tag-africa-press","tag-africa-press-mauritius","tag-bbc","tag-mauritius"],"yoast_head":"\nAMTD Digital: How a small Hong Kong firm\u2019s shares soared - Mauritius<\/title>\n<meta name=\"description\" content=\"A little-known Hong Kong company has seen its stock market value soar in recent days, for no apparent reason. 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